Welcome back to the board Serpentine 290, it is good to see you have not lost your acerbic wit. I agree with you about the seemingly incompetent, self serving BOD and the need for change there. But you have been saying that the dividend is unsustainable since about 2007 or so and to sell. I have to point out that the bank has not only been paying a dividend but has been increasing that dividend every year for many, many years. I will continue to reinvest those divi's . I think our stock price would be better if our board would show more support by actually buying their own stock and not just gifting each other. Good luck, hope you have sold your position yet.
In for the long haul, love the divi but come on the overall performance of the stock sucks. i do wish that Jim Cramer and Co. would never mention this stock at all. over the last 4plus years every "buy" rating of PBCT by them is followed by a sell off. Our BOD should be showing more confidence in their(our) bank and start buying instead of sitting on their rumps and disposing gifted shares. Oh well just my opinion.
I've been long for decades for better or worse. And I am the first to admit I'm no financial genius. But it seems to me that this banks geographic position and overall financials show a safer, stronger bank then our stock price reflects, now and for the last few years. It has always been a safe conservative bank but it seems to have lost direction at the top,since the death of Mr. Klien and subsequent hiring and costly removal of Mr. Phillip Sherringham, and it continues today. The board is more concerned with lavishing themselves with unneeded Percs. than increasing market confidence in our future. Does this board have any confidence in this stock and the shareholders? In march our leader John Barnes purchased 8K firstname.lastname@example.org and there was a headline about that, I thought that was maybe the beginning of our slow march forward, then at the end of April and again beginning of May board members Franklin and Carter sold a combined 24,750 shares at an avg. of 12.41. Way to go, take all the the air out of the sails and announce to the financial community your total lack of cohesion as a board, and lack of confidence in the stock. I could list many other bad decisions since 2007, but it is what it is and all I can do is hope the drivers wake up and drive us to where we should be.
I cannot agree with you more. I have not posted in over a year out of frustration, but have been a major critic of management ever since Mr. Klien died and Phillip Sharringham replaced him, we are still paying for that severance package. Why are the current board members not purchasing more PBCT stock?? Why have they instead received (given themselves) more stock and benefits?? why did they spend over 10 million dollars on remodeling the Executive floor alone, Gourmet Kitchen and Chef included. and another 8 plus million on the 1st floor and they still are not nearly done. Seems to me that our fiscally conservative bank is only that way in the market place and toward it's shareholders and the same does not hold true for the way Sr. Management and the Board treat themselves. Been a shareholder since the late 80's IPO, I love the dividend but I realistically expected a lot more from the stock. I believe that the fault lies squarely on the boards shoulders for mismanagement, bad hiring decisions, and cronyism. Mr. Carlson and Mr. Klien steadily brought this bank forward in the industry all the while increasing shareholder value. Remember PBCT did not need or want any bailout funds ever, we were that well positioned and balanced. What has happened since?? MUST BE MANAGEMENT DECISIONS!!!!! Not selling and still reinvesting the divi's, hoping for a Sr. management epiphany, or a corporate buy out.
I believe that many people got into this stock at or after the 2007 IPO (PBCT'S 2nd offering). And they were expecting a fast and exciting ride. That has never been the banks history, theirs is just the opposite. They have always been a conservative minded New England bank. And that is the reason the bank has never taken a bailout in 170 years and why they did not tank as bad as most other financial institutions did after Sept. 2008. I do have a problem with a lot of managements decisions since then, The hiring of Phillip Sherringham being the worst. Check any of my older posts. But I still believe in the banks long term prospects. Meanwhile I will hold my position and reinvest my Divi's and add a little more at times. I have been doing this since the very early 90's and am very happy with the three 3-2 and one 21-10 splits that I have benefited from to date, not to mention the dividend. Posted that last week, Now I for one am pretty happy with the acquisition of those 56 branches from Citizen's. It is one of the better and more logical financial moves that this management team(Jack Barnes) has made. It greatly increases their exposure in the greater NYC area and I think that that fast paced, always on the move, and need it yesterday customer base will flock to the S & S branches so they can do two things at the same place. Maybe we are awakening from the coma ???
Sentiment : Buy
I have to agree, The whining gets old. I believe that many people got into this stock at or after the 2007 IPO (PBCT'S 2nd offering). And they were expecting a fast and exciting ride. That has never been the banks history, theirs is just the opposite. They have always been a conservative minded New England bank. And that is the reason the bank has never taken a bailout in 170 years and why they did not tank as bad as most other financial institutions did after Sept. 2008. I do have a problem with alot of managements decisions since then, The hiring of Phillip Sherringham being the worst. Check any of my older posts. But I still believe in the banks long term prospects. Meanwhile I will hold my position and reinvest my Divi's and add a little more at times. I have been doing this since the very early 90's and am very happy with the three 3-2 and one 21-10 splits that I have benefited from to date, not to mention the dividend.
WOW you can't be serious? But if you are I've got a bridge for you to buy in Brooklyn, somewhat older and used but a great opportunity, just remember to keep your blinders on so you won't be shocked by Reality and common sense.
Been a long time shareholder since 96', over the years this stock has been good to me with the splits and the divi's reinvested. But since the unfortunate death of Mr. Klien and subsequent replacement by Mr.P. Sharringham a couple of years ago, the management of and performance of the bank has frankly sucked. Granted when they finally but belately realized their mistake in Mr. Sherringham and replaced him with the current Mr. Jack Barnes, I thought that the bank would begin to improve it's stock price. Wrong again. They continue to spend millions of dollars on the corporate H.Q.- The 16th floor renovation with it's exec. every bell and whistle kitchen and personal chef, and the renovation of the downstairs branch and the renovation of the first floor lobby and garage entrance all of these and other H.Q. projects were performed in the last 3-4 years at a cost of over 14 million dollars, maybe much more. Meanwhile the stock ticker still goes down. The market does suck with financials the worst, but PBCT still has 1.3 billion in cash, a large footprint covering 6 states , great name recognition and convinience with their coop. with Stop and Shop, and they never needed or took any tarp money. So what's wrong? It would seem to me a lack of trust and confidence in the management philosophy and direction shown by the banks board and Sr. Executives by the large institutions and traders. A perfect example for me is the fact that there has been zero insider buying lately and that now even at our all time low ticker price there still isn't. Why doesn't Sr. Management show us peons that they have confidence in our bank and it's future, a buyback of the stock would be a shot in the arm for some of us. Bottom line is this, you had a pretty nice H.Q. to begin with and I don't blame you for wanting a little more of where you worked and your corporate image that is understandable. Now we had a pretty nice stock value and performance in the past and I would like to start having that again and feel that if they can spend millions on bettering the image of their H.Q. building then they should have no problem spending millions in a stock purchase/buy back at this crazy low we have now. I know it would give me a little more confidence as I am trying to stay faithful.